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Dubai's Dewa seeks to pay a one-time special dividend to shareholders

Utility receives Dh2.03 billion dividend from its subsidiary Empower

Saeed Mohammed Al Tayer, MD & CEO of Dubai Electricity and Water Authority (Dewa), which is listed on the Dubai Financial Market (DFM), on Monday announced that Dewa received a cash dividend of Dh2.03 billion from its 70 per cent owned subsidiary, Emirates Central Cooling Systems Corporation (Empower). Empower paid Dewa this dividend on September 29th, 2022.

“As a result of the cash dividend received by Dewa from Empower, Dewa intends to seek all necessary approvals to make a one-time special dividend payment to its shareholders. The timing and size of the special dividend are under study. This one-time special dividend is intended to be an additional payment to shareholders over Dewa’s stated annual dividend policy of paying Dh6.2 billion in dividends,” Al Tayer added.

“Dewa and its operating portfolio of companies have made excellent progress in 2022, delivering on their promise to drive sustainable business growth, whilst supporting the Emirate of Dubai, maintaining record operational performance, providing our customers with digitally savvy cutting edge solutions and maximizing returns for our shareholders. We intend to continue to look for ways to optimize total returns for our shareholders and our intention to make a one-time special dividend payment to our shareholders supports this objective.” said Al Tayer.

Dewa’s dividend policy is to pay a minimum dividend of Dh6.2 billion per year over the next five years. Dewa will be making the first dividend payment of 6.2 fils per share (Dh3.1 billion) for H1, 2022 on October 26, 2022. For H2, 2022, Dewa expects to pay 6.2 fils per share (3.1 billion AED) in April, 2023 (subject to all approvals).